For the purposes of this Auditing Standard, the following terms have the meanings attributed below:   …

Arm’s length transaction means a transaction conducted on such terms and conditions as between a willing buyer and a willing seller who are unrelated and are acting independently of each other and pursuing their own best interests. …

Related party means a party that is either:  (Ref: Para.  A4‑A7 )   A related party as defined in the applicable financial reporting framework * ; or Where the applicable financial reporting framework establishes minimal or no related party requirements: …

As part of the risk assessment procedures and related activities that ASA 315 and ASA 240 require the auditor to perform during the audit, [7] the auditor shall perform the audit procedures and related activities set out in paragraphs  12‑17 of this …

The auditor shall design and perform audit procedures in order to identify litigation and claims involving the entity which may give rise to a risk of material misstatement, including: (Ref: Para.  A1‑Aus A4.1 ) Enquiry of management and, where …

Understanding the Entity’s Related Party Relationships and Transactions …

The engagement team discussion that ASA 315 and ASA 240 require [8] shall include specific consideration of the susceptibility of the financial report to material misstatement due to fraud or error that could result from the entity’s related party …

The auditor shall enquire of management regarding:   The identity of the entity’s related parties, including changes from the prior period; (Ref: Para.  A11‑A14 ) The nature of the relationships between the entity and these related parties; and Whether …

The auditor shall enquire of management and others within the entity, and perform other risk assessment procedures considered appropriate, to obtain an understanding of the controls, if any, that management has established to:  (Ref: Para.  A15‑A20 ) …